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For an inexpensive battle rifle, I think the Saiga 308 is a really good option. Saigas have a good reputation. I think that owning a main battle rifle is a really good thing to do, because having a heavier cartridge can be advantageous. Police departments in out-state/rural areas often equip certain vehicles with heavier weapons like surplus M14s, M1As, or other semi-auto and bolt rifle with larger calibers like the .308, for the sake of shooting longer distances and punching through barriers. This is especially important if shooting at a vehicle or into a structure like a barn or shed.
I would say look into one, or consider another variant that chambers the 7.62x54R. Both hit hard, and ammunition is plentiful. You can run steel case ammo for both calibers too, which will save you a lot of money. I don't recommend steel case for ARs or M1A/M14s, but for the Saiga/AK series, it's just dandy.

What are you thinking of for a scope? Something like a VX-I 2-7x33 or 3-9x40?

When you consider that the average person's torso is 18" high and about 12" wide, it's possible. If the rifle can maintain a minimum of 2 MOA consistent accuracy, you'll have an easier time reliably putting it in the pickle barrel. I'm not sure what the Saiga 308 can do for accuracy though. I would wager that it's at least 3 MOA or better, but how much better I don't know.

As for optics, my suggestion would be to consider going for as low of a number as you can on the lower magnification range. If you have to use it at short range (under 100yds), having as wide of field of view as possible is ideal. 3x is the highest to go on the low end, but 1x-2x would be my preference.

When you consider that the average person's torso is 18" high and about 12" wide, it's possible. If the rifle can maintain a minimum of 2 MOA consistent accuracy, you'll have an easier time reliably putting it in the pickle barrel. I'm not sure what the Saiga 308 can do for accuracy though. I would wager that it's at least 3 MOA or better, but how much better I don't know.

As for optics, my suggestion would be to consider going for as low of a number as you can on the lower magnification range. If you have to use it at short range (under 100yds), having as wide of field of view as possible is ideal. 3x is the highest to go on the low end, but 1x-2x would be my preference.

So you would do a 2-7 over a 3-9 even though the optic is smaller?

I guess I could see if they have a 2-7 50mm or something.

Do they make a variable down to 1 like 1-5 or something?

I have a EOTech holographic on my AR, irons on my .223 pump and AK, so I am kinda looking for something normal scope like to have something in each type of category.

Leupold doesn't make a 1-5x, nor do they make a 1-4x. The erectors on most hunting and all tactical scopes are set at 3x, so the best they can pull is 1.25-4x, or 1.5-5x (actual magnification is 1.5-4.5x according to their website). The VX-7 is the only scope Leupold makes with a 4x magnification erector.

With that being said, back to the matter at hand. Having looked through both, there is little difference between the 33mm and 40mm objective lenses during daylight. In the evening and night you'll see a little difference, but nothing that's that significant. 50mm is a good objective size for evening, twilight and night, but it does take up a lot of space and requires a higher mount. And, to be honest, at $299 you're better off going for the VX-II 3-9x40 than the VX-I 3-9x50. The glass does make that much of a difference.
Ultimately, I think a 3-9x would be just fine. If you want the capability of a longer shot, that 9x on the top end will be a big help. The 3x low end isn't too high, so it's workable for closer shots.

Another thing to consider: Leupold's biggest competitor in the hunting scope market is Nikon. Nikons have excellent full lifetime warranties, just like Leupold. However, Nikon sets itself apart by offering more for less. The Nikon Buckmasters scopes are about equal to the VX-II, but cost a lot less. A Buckmasters 3-9x40 w/ BDC reticle costs $219. They have better light transmission and color fidelity than the Leupold VX-II, but the Leupold has better resolution.
The Nikon Monarch series is almost as good as, if not comparable in most ways to, the Leupold VX-III, but the Monarchs cost the same as the VX-IIs.
Both use Japanese glass, but Nikon has a lot more technology with their glass because of their camera and video division.
I'd recommend you get over to a sporting goods store and compare the Buckmasters vs VX-II and see the difference for yourself. You might be pleasantly surprised by how much you get. You'll basically get a VX-II for the price of a VX-I. Just something to consider.

My dad was on the verge of getting a VX-II for his deer rifle until he looked through a Buckmasters and saw that it was just as good and was roughly 2/3 the cost. From a cost savings standpoint, there's a lot to be said about Nikon.
Now, if you can find an older used Leupold VARI-X I or VARI-X II scope that's stamped "Made in USA", buy it. Those are fantastic.

The Saiga is the cheapest on the market for a semi-auto battle rifle. Comparable in price would be the CETME, made by Century Arms. It's an HK G3 clone, and retails for around $630, but I've found it for as low as $500 new. The CETME has about 95% parts similarity with the HK91/G3, but a few components are proprietary. For an inexpensive but accurate rifle, it's a great option.

However, both of those are $1200 and up. Both are great guns and pretty accurate. All rifles are fickin' heavy, though. So, in the end, it's up to you on what to get. Frankly, I think the Saiga will have the best reliability for the sub $1k category, which may count for something.

I have one and its a great rifle and has yet to have a FTF/FTE after about 500rds. Compared to my Cetme .308(spainish hk91 copy) it is a dream.

With a 16" barrel they will clear the firing line(louder than my m38 mosin).

I reload my own .308 so its not too bad but can get pretty expensive. Cheaper than dirt has 20rds of tula ammo for .32 a round for beridan primed/non corrosive steel case or boxer primed brass for .65 a round(wideners).

Saiga should be a good purchase. It's hard to beat that AK-style gas system for reliability.

CETMEs are cheap versions of the PTR-91 and HK-91. The PTR-91 is much better. Still, I don't see them beating the Saiga for utility.

Oh, BTW, did you guys see this past week's episode of Tactical Arms with Larry Vickers? They did the show on the FN FAL. It's amazing how DSA has so drastically improved the design. I will still never buy a FAL (just don't like them), but if I did, I'd definitely have to get a new DSA versus an older version from someone else.

Nikon is a good company and they back their products. Bushnell is the same way, save their blister pack Chinese cheapy .22 and airgun scopes. Any time you're getting a scope for a very small amount of money, you're going to make sacrifices. With good companies like Weaver, Nikon and Bushnell, you will get good reliability and durability, but the sacrifice comes with the optical quality. For magnification, I'd go for a 2-7x or 3-9x range.

Are you still enjoying this rifle? I found one in a pawn shop that was used but had a custom trigger group and a couple of other goodies for $550. I like the idea of owning a battle riffle that shoots NATO rounds, has a historically reliable platform, and cost under $600 (just in case SHTF, probably wont shoot it much).